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Poster: dead-head_Monte Date: Apr 15, 2011 10:16am
Forum: GratefulDead Subject: help nail this scumbag! (non-Dead)

April 14, 2011 - Huffington Post

WASHINGTON -- Goldman Sachs executives deceived clients in order to profit off the brewing financial crisis and then misled Congress when asked to explain their actions, concluded a top lawmaker who led a two-year investigation into Wall Street's role in the meltdown.

Carl Levin, chair of the Senate Permanent Subcommittee on Investigations, will recommend that Goldman executives who testified before his panel, including chairman and chief executive Lloyd Blankfein, be referred to the Justice Department for possible criminal prosecution, the Michigan Democrat announced Wednesday. Members of the subcommittee will now deliberate Levin's proposal.
from: David Segal - DemandProgress.org
re: Tell the DOJ to investigate Goldman Sachs

Breaking news -- A Senate panel charged with investigating the financial crisis is laying blame right where it belongs: At the foot of the mega-banks that pushed shoddy financial products on consumers and then deceived Congress. Goldman Sachs CEO Llyod Blankfein appears to have lied to Congress. It's time for a criminal investigation -- and the powerful senator who chaired the panel agrees.
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Will you urge the Department of Justice to open up an investigation? Just click here.

According to the Huffington Post,

Carl Levin, chair of the Senate Permanent Subcommittee on Investigations, will recommend that Goldman
executives who testified before his panel, including chairman and chief executive Lloyd Blankfein, be referred to the Justice Department
for possible criminal prosecution, the Michigan Democrat announced Wednesday.
Investigators discovered that Goldman traders bragged about selling "shitty" deals to clients and the mega-bank bet against the same financial products it was selling to investors. And they've lied about it all the way to the bank.

Let's join Senator Levin's call for accountability. Will you urge the Department of Justice to investigate Blankfein? Just click here.
Thanks for demanding justice.
-- The Demand Progress team

P.S. Now's our moment: We need to hold people accountable if we're going to prevent the sort of abuses that led to the financial collapse. Will you urge your friends to call for a serious investigation of Goldman and its CEO?

If you're already on Facebook, click here to share with your friends.
If you're already on Twitter, click here to tweet about the campaign: Tweet

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Poster: unclejohn52 Date: Apr 15, 2011 8:23pm
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

There's plenty of blame to go around. See the movie The Inside Job for another take...

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Poster: dead-head_Monte Date: Apr 16, 2011 8:09am
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

Only in America...

On the one hand, getting BJs in the White House - and then lying to Congress about it - is an Impeachable Offense!

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President Clinton abused his constitutional authority by (i) lying to the public and the Congress in January 1998 about his relationship with Ms. Lewinsky; (ii) promising at that time to cooperate fully with the grand jury investigation; (iii) later refusing six invitations to testify voluntarily to the grand jury; (iv) invoking Executive Privilege; (v) lying to the grand jury in August 1998; and (vi) lying again to the public and Congress on August 17, 1998 -- all as part of an effort to hinder, impede, and deflect possible inquiry by the Congress of the United States.

On the other hand, Goldman Sachs executives deceived clients in order to profit off the brewing financial crisis that led to a worldwide meltdown. Then Goldman misled Congress when asked to explain their actions. So, what happened after that?

Huge bonuses were handed out to Goldman Sachs

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The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.

The bill that ultimately repealed the Banking Act of 1933 was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The legislation was signed into law by President Bill Clinton on November 12, 1999.

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Poster: deadhead53 Date: Apr 16, 2011 8:27am
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

I would love for Congress to investigate the Community Re-investment act and have them tell Americans how they cannot take half if not more of the blame for this. Fannie and Freddie told banks they would back the sub-prime mortgages! Bad storm of terrible lawmaking and greed on wall street but let's keep blaming either the dems or repubs because that gets things done. Vote them all the hell out and maybe we can start a new! Don't be a part of either party!

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Poster: user unknown Date: Apr 16, 2011 2:13pm
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

Hey Monte, sorry to tell you but "BJ's in the Oval Office" are the least of our worries. At their swearing in, all politicians are issued a large economy size tube of K-Y. As long as we continue to put our fate into the the hands of lawyers and career politicians, there ain't much we can do about it except bend over, grab our ankles, grin and bare it. Until we find , and then elect representatives "for the people", that is the sad fact of life in these "great" United States of America...but then we've still got it 1000 times better than the majority of the world's population.

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Poster: skuzzlebutt Date: Apr 16, 2011 9:32pm
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

And your point is....?

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Poster: skuzzlebutt Date: Apr 15, 2011 4:43pm
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

The United States Congress can go suck it as far as I'm concerned. Those sewer-bathing shitbags are even more "inside" than the guys on Wall Street, and their hands are every bit as dirty in this mess. Now I'm supposed to put my faith in them to "investigate" what happened? What the hell for? They already KNOW what happened, because they were largely in on it. I'm not defending Goldman Sachs, but the very idea of those congressional assclowns piously questioning their former blow buddies is repulsive. I'll join Sen. Levin's "call for accountability" when I see lawmakers on both sides whose fingerprints are all over Fannie and Freddie sitting on the hot seat first.

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Poster: ChefChappy Date: Apr 15, 2011 2:37pm
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

He and others like him deserve what they have coming to them, but I take offense when everyone says we need to hold them responsible for everything. The people who bought the "shitty" deals are responsible too. If they didn't know that they couldn't afford the loans they were taking, then they deserve what they got. I bought a house at the height of the market and my broker kept insisting to me that I could afford a bigger home. I knew what I could afford and didn't over reach. It amazes me how everyone loved the banks when they were able to get into a huge new house without any money down and without anyone checking their credit but when the market turns, all of a sudden they want to blame the same people who they were praising.

It is nothing new for a bank to "bet" against the products they sell to consumers. They have been doing it as long as they have been in existence. Its how they manage risk. Yes, I do believe the banks were wrong to offer the amount of sub prime loans they did and then bundle them, sell them etc, but they are not the only ones responsible!!

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Poster: Germain Date: Apr 16, 2011 7:47am
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

I can't lay as much blame on the loan purchasers as you. I bought my house in 1996, and by the time 2007 rolled around, its value on paper was 2.5 times what I paid for it. I recall thinking that there would be no way I could come close to affording the house I'd comfortably bought 11 years earlier.

People entering the housing market for the first time during the bubble were facing prices that were through the roof with little equity to compensate. These people were sold a bill of goods by unscrupulous mortgage brokers and unless they had well above average financial skills and a crystal ball, they couldn't comprehend what they were being pushed into.

It's easy to look back and see the bubble, but at the time that was not the case. Housing prices had been rising every year since the depression. Who really knew the foundations of the market were decaying, until the bottom fell out?

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Poster: AltheaRose Date: Apr 15, 2011 9:50pm
Forum: GratefulDead Subject: Re: help nail this scumbag! (non-Dead)

Plus the Clinton administration was keen on getting more people into their own homes, one of those things that "seemed like a good idea at the time," and some of these products evolved to do that. The road to hell is paved with good intentions, yada yada. And of course, when there are lions and tigers and bears along that road looking for fast food, well, watch out ...

But accountability for the top lions and tigers is pretty darned crucial. That's what doesn't happen in the third world. It doesn't happen enough in the States, but it does happen. Ask Bernie Madoff. And, fortunately, people push to make it happen more. (See above :-) )

The little guys who signed those papers without looking are already experiencing their own "accountability." A tax on stupidity, maybe, but it could happen to anyone in a moment of bad-luck brain blip. Immigrants are disproportionate victims. (Just try operating in a foreign system in another language, trusting only people from your own country to tell you the truth! There are lots of small scumbags out there preying on their own communities, that's for sure.)